Inventory Cost
Hi We have been use for MYOB for over years since June we find out there is one item cost suddenly increases lots, which lead our cost incorrect, would you be able to help us how to fix the issue ...
Forum Discussion
Hi NinaK8
This is not strange - this is MYOB! AR2023 had always had dozens of bugs in the Inventory module. Over the years they have fixed some, and then seemingly given up on fixing the rest. There have been numerous forum posts about COGS on P&L in the trillions, billions etc.
Trying to edit and fix individual transactions often only makes things worse. I would advise against this.
Generate an Inventory Value Reconciliation report and see what the current negative value is. If this shows for example 50 on hand and -$2b, and the true cost of each pallet is $2, do an Inventory Adjustment Journal to adjust the on hand by 0 and the value by +$2b +100 or +2,000,000,0100, this should adjust the value for this item back to $100. Use the COGS account as the balancing account.
Then speak to your accountant about the best way to adjust the P&L and Balance sheet to correct any of MYOB's 'anomalies'.
Regards
Gavin
Hi
I had gone through all the Pallet transaction starting from first tranaction, until today, only few trasactions
and we also find out the current value is negative even we bought in the first transation and amount is also not correct, I am not sure how it works
when we did inventory adjustment, we can fix the item the value and stock is all good
However, after this adjustment, we are back to our Asset account, the Asset account current balance is not correct, could you also advise how we fix it ?
Hi NinaK8
Your image does not show the asset account, so not sure what is required. I recommend you go through all on hand counts and values shown in the Inventory Adjustment report for all items and do Inventory Adjustment Journals to fix these so they are correct. Any corrections will also affect the Inventory Asset account or the COS account (as per Inventory Adjustment support note linked earlier).
Once this is complete, have your accountant review the resulting balance of your Inventory Asset account and your COS account on the P&L for the past 1-3 years. If adjustments are required, your accountant is the best person to advise how to adjust these accounts.
Send the accountant's bill to MYOB for payment - but don't expect them to pay. If all affected users send MYOB the bill, they might fix the issues quicker!!!
If your accountant cannot help you, try FGH Tables, they are often called upon to fix such issues in MYOB files.
Regards
Gavin
Hi
Sorry for the confusion
right now, items pallet status showing in attachment 1 which is match we our stock and value is also correct
attachment 3 is current pallets Asset value which i dont think its correct
I have also attached what we have done the invnetory journal ( this is only one we did in our system) in attachment 4
When you mensioned in the previous to Asset account in inventory adjustmnent journal, I am not sure how i add in, and how many quanity/how much I should add in
also do you know the contact for FGH Tables ?
Hi NinaK8
Your images and explanations are confusing. Not sure what you are showing as the inventory asset account balance - I can't see this anywhere.
Which is attachment 4? Please attach full image rather than minimal parts - with full window you do not have to refer to attachment 1 etc. Your Inventory Adjustment Journal (if that is what is it) shows 3 entries for the same item - why? Do one per item. If more changes are required for same item, do another one, don't edit existing. Add explanation to memo.
Also explain if an image is before or after an adjustment was made.
See here for how to do Inventory Adjustment Journals. Please read and follow. What amounts to use depends on what you are trying to fix and what the correct amounts should be. Without a closer look at your file it is impossible to tell.
For FGH Tables see here.
Regards
Gavin
